Early next year, India will have its new industrial policy which will revamp the Industrial Policy of 1991 and the previous UPA government's 2011 New Manufacturing Policy. Emerging technologies such as automation and artificial intelligence are expected to take away jobs. According to a new report covering 46 nations and more than 800 occupations by the research arm of McKinsey & Co, as many as 800 million workers worldwide may lose their jobs to robots and automation by 2030, equivalent to more than a fifth of today’s global labor force.The consulting company says that both developed and emerging countries will be impacted. While other surveys aren’t quite so bleak, they also suggest Modi is a long way from creating the 10 million jobs a year needed to keep up with his young and rapidly expanding workforce.While India is one of the world's fastest-growing economies, employment creation in eight sectors, including textiles and automobiles, was the slowest in seven years, according to a 2016 Ministry of Labour report.More than 12 million Indians enter the workforce every year, government data show. Between 2011 to 2015, the number of agricultural jobs reduced by 26 million while non-farm ones rose 33 million, according to McKinsey Global Institute.

Source: Economic Times November 29, 2017 05:56 UTC